Business Expenditure
Last updated: 16 February 2009
Court :
High Court
Brief :
Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessment year 1987-88 - Whether commitment charges incurred in respect of debentures issued by assessee-company to acquire more working capital would be allowed as business expenditure - Held, yes - Whether where assessee incurred expenditure on repair and replacement for purpose of running of existing autoloom shed in more efficient manner and quantum of expenditure, when compared with gross block of assets, could not be termed to be very high, said expenditure would be allowed as business expenditure - Held, yes
Citation :
Commissioner of Income-tax vs Mihir Textiles Ltd.
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CA Pawan Goswami
Published in Income Tax
Views : 1104
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